ICICIdirect expects the US dollar to find supports at lower levels. ''Utilise downsides in the dollar to go long on the USDINR pair. February futures in the range of 66.90-67.00 with target 67.35-67.55.''

The rupee rose for the first time in three sessions against the dollar, in line with most Asian currencies, amid caution ahead of Federal Reserve chief's congressional testimony that weighed on the US dollar during the Asian session.

The USD continued its gaining momentum against major currencies as the US Fed chair said every meeting would be a live meeting in her congressional testimony. She raised concerns on raising rates too slow, which market participants anticipated as a hawkish tone. Today's US CPI data would provide further cues on the rate hike trajectory.

In the currency futures market, the most traded dollar-rupee February contract on the NSE ended at 67.00. The February contract open interest fell 2.49% from the previous day. March contract open interest rose 4.74% from previous day.

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